Rio Tinto Q4 Iron Ore Shipments Up 11%

(RTTNews) - Rio Tinto Plc (RTPPF.PK, RIO.L, RIO, RTNTF.PK) reported that its fourth-quarter global iron ore production was 87.2 million tonnes, up 10 percent from the year-ago quarter. Global iron ore shipments for the quarter improved 11 percent to 91.3 million tonnes.

Rio Tinto chief executive Sam Walsh said, "We will continue to focus on disciplined management of costs and capital to maximise cash flow generation throughout 2016."

Global iron ore production in 2016 is expected to be around 350 million tonnes. Rio Tinto's expected share of production of bauxite, alumina and aluminium is 45 million tonnes, 7.8 million tonnes and 3.6 million tonnes, respectively.

In 2016, Rio Tinto expects its share of mined copper production to increase to between 575 and 625 thousand tonnes, with higher production at Kennecott, and including an expected share of joint venture production at Grasberg.

In 2016, Rio Tinto expects its share of mined copper production to increase to between 575 and 625 thousand tonnes, with higher production at Kennecott, and including an expected share of joint venture production at Grasberg. Refined copper production is expected to be between 220 and 250 thousand tonnes.

Global iron ore shipments for fiscal year 2015 rose 11% to 336.6 million tonnes from the prior year, while Global iron ore production for the year increased 11% to 327.6 million tonnes from the previous year. The strong second half performance was achieved following completion of the brownfield developments and expanded infrastructure in the Pilbara, enabling a drawdown of inventories, as well as improvements at Iron Ore Company of Canada.

Bauxite production of 43.7 million tonnes during 2015, a four per cent increase on 2014, was achieved on the back of record Weipa production and the ramp-up at Gove, which has now reached production and export capacity of 8 million tonnes per annum of dry bauxite.

Alumina production for 2015 increased four per cent compared with 2014 (excluding production from the Gove refinery which was curtailed in May 2014), reflecting continued consistent performance across Rio Tinto's refineries.